Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

President Donald Trump has for weeks pegged April 2 as "Liberation Day", when he plans to impose an array of new tariffs that could upend the global trade system.

Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.